Allergan reports Q3 financial results

Allergan plc reported its continuing operations performance for the third quarter of 2016, including total net revenues of $3.6 billion, a 4% increase compared with the prior year quarter.

Strong performance from key brands in eye care, aesthetics, plastic surgery and skin care, and new product launches helped the revenues for the quarter. Revenues were offset by the loss of Asacol HD exclusivity, lower revenues for Namenda XR and IR, and unfavorable foreign exchange impact, according to a press release.

Allergan reported a GAAP operating loss from continuing operations in the third quarter of $266 million, with non-GAAP adjusted operating income from continuing operations in the third quarter of $1.78 billion. Higher research and development and selling and marketing costs were the primary causes of the loss, according to the release.

Negative cash flow from operations of $1.1 billion for the third quarter was unfavorably impacted by the $2.6 billion current period payment of taxes related to the divestiture of Allergan's Generics business to Teva, according to the release.

There was a 12% growth in the U.S. specialized therapeutics net revenues, which were drive by growth in Allergan’s eye care, facial aesthetics and neuroscience and urology divisions, the release reported.

Restasis net revenues were up 14% to $356.4 million in the third quarter in the eye care franchise. There were strong results for glaucoma eye drops, with net revenues for Lumigan/Ganfort of $78.3 million, up 9% for the third quarter, and Alphagan/Combigan net revenues at $93.4 million, up 15%, according to the release.

Record results for the facial aesthetics franchise included Botox Cosmetic net revenues of $174.5 million for the third quarter, up 10%, filler net revenues of $105 million, up 17%, and Kybella net revenues of $14.2 million.

Breast implant net revenues remained stable at $51.1 million for the third quarter.

In medical dermatology, Aczone net revenues were $69 for the third quarter, up 44%. In skin care, SkinMedica net revenues were $25.8 million for the third quarter, according to the release.

Reference: www.allergan.com